Group 1 Automotive, Inc. (NYSE: GPI), a Fortune 300 automotive retailer with 202 dealerships located in the U.S. and U.K., today announced the acquisition of Modern Classic Motors in Hilton Head, South Carolina. The acquisition includes three franchises: Mercedes-Benz, Sprinter and Honda in Beaufort County, one of the fastest-growing counties in South Carolina. The acquisition expands Group 1’s relationship with Mercedes-Benz to 17 franchises in the U.S. and U.K. and with Honda to 13 franchises in the U.S. The dealerships are expected to generate $140 million in annual revenues.
Group 1’s President and CEO Daryl Kenningham stated, “We are delighted to grow our relationship with Mercedes-Benz and Honda while adding scale to our successful Hilton Head operations with these highly desirable brands.”
Group 1 has now acquired an estimated $1.0 billion of annual revenues in 2024, which follows $1.1 billion of acquired revenues in 2023.
ABOUT GROUP 1 AUTOMOTIVE, INC.
Group 1 owns and operates 202 automotive dealerships, 265 franchises, and 43 collision centers in the United States and the United Kingdom that offer 35 brands of automobiles. Through its dealerships and omni-channel platform, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 discloses additional information about the Company, its business, and its results of operations at www.group1corp.com, www.group1auto.com, www.group1collision.com, www.acceleride.com, www.facebook.com/group1auto, and www.twitter.com/group1auto.
